Business owner’s policy

BOP coverage from $250 a year

A BOP bundles the basic insurance policies a business owner needs into one package.

Included as standard:

• Property (buildings and contents) insurance
• General liability insurance
• Business interruption and extra expense insurance (covers your actual $ losses for 12 months max)
• Equipment breakdown (including microcircuitry)
• Employment practices liability

Also available:

• Liquor liability
• Cyber insurance
• Employee benefits liability
• Property away from premises

(Please call if you need one or all of these.)

• What does a BOP cover?

  A standard BOP can cover:

  • The cost of people and property damage claims against you, including medical bills, repairs, replacements, and legal fees and compensation if you’re at fault.
  • Building and contents damage caused by fire, theft or other covered disaster. Property insurance covers owned or rented properties, and items such as laptops, phones, tools and other business equipment. You can add coverage for specific items if you need to.
  • Your financial losses if something unforeseen stops you doing business. This includes lost income, and moving costs, equipment hire fees and extra rent you might have to pay if you move to temporary premises. Your actual dollar losses/expenses are covered, with no limit, for up to 12 months.
  • Repairs to, and replacement of, your equipment if it stops working.

  And you can add coverage for:

  • The cost of employee-related claims against you. Includes allegations of employee benefit-plans mismanagement, discrimination, wrongful termination, sexual harassment and other kinds of workplace misconduct.
  • The costs of recovering from a data breach. These include investigating the incident, informing your customers. Fixing systems and websites, paying government fines, and the legal fees and compensation you have to pay if you’re sued for losing personal data.

• Who needs a BOP?

  As a general rule, you should think about protecting yourself with a BOP if:

  • You run your business from home, a rented or owned office, store or garage
  • You could be sued by a customer or an employee
  • You have assets that could be stolen or damaged

  A BOP isn’t required by law, but some of your clients might need you to have general liability insurance before you start work. Thankfully, it’s included as standard.

  If you rent your business premises, your landlord may want proof you have property insurance before you sign your lease. Again, it’s included.

  Without the right insurance, if there’s a claim against you, you’ll have to foot the bill. And that can cost a lot.

  In fact, paying for legal fees, medical bills, repairs, replacements, lost revenue and compensation could be enough to wipe you out completely.

• Who can get a BOP?

  Although most insurers offer a BOP, this one’s designed with startups and small businesses in mind.

  So, if:

  • You’re starting, or have recently started, a business
  • You have up to 20 employees
  • Your revenue is less than $1 million a year

  … get your BOP from us and you’ll get the coverage your business needs right now.

  If you’re not sure a BOP is right for you, get in touch and we’ll talk it through.

• How much does a BOP cost?

  Even with the coverage a BOP gives you, it usually works out cheaper than buying each policy separately.

  For example, general liability insurance on its own typically starts at around $500 a year.

  A BOP – including general liability insurance – starts from as little as $250 year. And you can pay in one lump sum or in installments, too.